Aeris Resources (AIS) Diggers & Dealers Mining Forum 2025 summary

Strategic focus and operational outlook

• Emphasis on operational delivery, organic growth, and life extension through exploration, with a doubled exploration budget targeting resource extensions across all assets.

• Tritton copper mine to increase production by 38% in FY 2026, targeting 24,000-29,000 tons of copper and 8,000 ounces of gold, with mill running above nameplate capacity and stockpiled ore supporting output.

• Cracow gold mine expected to produce 36,000-46,000 ounces, with ongoing exploration to extend mine life and resource base.

• North Queensland assets are in the final stage of sale to simplify the business, release restricted cash, and focus on larger, longer-life mines.

• Jaguar (JAG) mine to remain in care and maintenance, with a restart contingent on establishing a 10+ year mine life through exploration and a revised strategy to reduce holding costs.

Project development and exploration initiatives

• Murrawombie pit at Tritton is in stage two pre-strip, with production ramping up and Constellation deposit development planned for 2027-2028, pending approvals expected in Q3 FY26.

• Avoca Tank and Budgerigar mines contributing high-grade copper, with 80,000 meters of drilling planned at Tritton for resource extension in FY26.

• Cracow exploration focused on Southern Windfield and Western Frontier, with potential for a large new open pit at Golden Plateau and drilling planned for FY26.

• JAG exploration to test eight base metal targets and gold potential, aiming to reduce care and maintenance costs and support a sustainable restart with a $3.1 million program in FY26.

• Stockman project in Victoria advancing with process test work, scoping studies, and seeking strategic partners for development.

Financial and production guidance

• FY 2025-2026 guidance shows copper production rising from 19,000 to 24,000-29,000 tons, gold production stable at 44,000-56,000 ounces, and copper equivalent of 40-49kt.

• $50 million allocated for Murrawombie pre-strip over six months, with exploration budget increased from $10 million to $20 million.

• $40 million in debt due August, with repayment planned from cash flow if production targets are met and a focus on debt reduction by August 2026.

• Mine operating costs for FY26 projected at $302-369 million, with sustaining capital of $18-23 million and growth capital of $65-80 million.

• Focus on maintaining a strong balance sheet, pursuing both organic and external growth, and considering hedging strategies.